OLD ORCHARD BEACH – An investment property; a family compound, multi-generational if you like; a year-round home plus rental – these are all possibilities here, and zoning even allows for some limited commercial use.

And best of all, “here” is a short block-and-a-half walk to the dunegrass path to the fine sands and surf of Old Orchard Beach.

The property consists of two year-round homes, connected by an elevated, enclosed bridge. “Red Gables” – on the left as you face the house – is a vintage, c. 1900 dwelling that has both updates (the newer, Biasi boiler for example) and cool original features, such as stained-glass windows, a deep window seat in the living room bay, a built-in china cabinet in the dine-in kitchen, wood flooring (painted,) pretty scrollwork on the stairs, and a daylight walk-in closet with shelves upstairs.

The three-bedroom, 1.5-bath home has been used as a seasonal rental by the sellers, who maintain residency in the adjacent house. “Red Gables” brings in $2,300 weekly in season; year-round rental income would be roughly $30,000. Eight weeks are already booked for summer 2018. All furnishings will convey.

You can enter the other home, “Lighthouse,” through the front door; or via the bridge, whose interior is like a mudroom, and which accesses the back deck. This bright and beach-flavored house is a three-level addition, with two full baths and as many as five bedrooms. You can see the ocean from the upper floors.

The top story is a back-to-front bedroom/loft, with views. Below are two front bedrooms, and a wonderful open-concept living/dining room with a gas stove (and views). The two-bedroom ground floor features a sweet kitchenette – note the accent of the red pendant lights – and open shelving setting off the living area. Most “Lighthouse” furnishings will also convey.

The 2,655-square-foot home(s) at 111 West Grand Ave., Old Orchard Beach, are listed for sale at $679,000 by Nancy Z. Moreshead of Best Maine Beach Properties. Annual taxes are $6,746 (2017). For more information or to schedule a private viewing, please contact Nancy at 329-3545 or at [email protected].

The Home of the Week is produced by the Marketing Department of the Maine Sunday Telegram. Send feature home suggestions to [email protected].